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Macquarie Bank's response to Today Tonight's program of 10 August 2006

11 August 2006

Channel 7 broadcast a number of false and misleading claims last night on its Today Tonight program about a mortgagor to Macquarie Bank, Ms Shona Young.

Each of these false claims is refuted below:

Today Tonight stated:

Claim: Ms Young was guarantor for a loan to her daughter and her daughter’s partner.

  • Fact: All three parties are joint borrowers.

Claim: Ms Young has never missed a payment on her mortgage.

  • Fact: There have been in excess of 40 missed payments on the loan since inception.

Claim: Ms Young is not currently in arrears in her loan repayments.

  • Fact: The loan is currently in arrears.

Claim: Macquarie Bank had refused to speak with Ms Young about her mortgage being in arrears.

  • Since 3 April 2004 when the loan first went into arrears, the Bank has had approximately 70 contacts with the borrowers, including Ms Young. The most recent contact with the borrower’s solicitors was on 9th of August, 2006.

Macquarie Bank is demanding a retraction of the false and misleading claims set out above at the earliest opportunity.
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